Client
  • WAI
Space
  • 286,000 sq. ft.
Industry
  • Transportation and Logistics
  • Automotive Parts Distributor
Locations
Services Provided
  • Transaction Management
Cresa Team
  • Jeff Hartsook

Client Objectives

WAI was looking at various locations within its supply chain and distribution networks when deciding whether to renew or consolidate space. The company based their decisions on three major factors: labor, incentives and rental rates. With the help of Cresa’s Miami team, WAI leveraged their tenancy in Southaven, MS and Memphis, TN. Both locations:

  • Accommodate and retain employees and attract additional new hires;
  • Provide accessibility to both the labor pool in their respective states; and
  • Are strategically located in the U.S. to accommodate its distribution.

Results

The Cresa team was able to get various landlords in both markets to compete for WAI as a tenant. The Miami office worked diligently with WAI to follow the distributor’s internal private plan and external public plan. During this process, Cresa was able to get the landlord in Tennessee to agree to a short-term extension on WAI’s current lease that would give the company the time they needed to make an informed decision. After several months of negotiations, WAI ultimately selected to renew its lease and remain in its current location. Through the competitive process, Cresa helped negotiate a fair market rate (that would have otherwise been above market) and achieve concessions from the landlord for free rent and tenant improvement dollars.

 

 

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